Home prices in Sydney and Melbourne — no matter where they are located — are now falling.
It’s now merely a case that prices in some areas are falling faster than others.
This chart posted on Twitter by CoreLogic Research Analyst Cameron Kusher shows the percentage price decline by SA3 region from their cyclical peak.
SA3 regions are defined by the ABS as generally having a population of between 30,000 to 130,000. In major cities, they represent an area serviced by a major transport and commercial hub.
In Sydney, the largest falls have been seen in Pennant Hills/Epping, an area where prices boomed in the subsequent cyclical upswing. The smallest falls have been seen in the Blue Mountains on the western outskirts of the city.
In Melbourne, the price declines have been, on average, smaller than Sydney to date, partially reflecting that the downturn started later in Australia’s second-largest city.
The Stonnington — West SA3 region has seen the largest falls while prices in Sunbury have only fallen by 0.6%.
The data captured in the chart above was at the end of November. In December, prices in both Sydney and Melbourne have continued to fall, and at a faster pace than what was seen earlier in the year.
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